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Barchart
Rich Asplund

Cocoa Prices Post Moderate Losses on Dollar Strength

Ice ICCO NY London Ghana Hershey Ivory Coast Mondelez

May ICE NY cocoa (CCK25) Wednesday closed down -206 (-2.21%), and May ICE London cocoa #7 (CAK25) closed down -134 (-2.07%).

Cocoa prices Wednesday gave up early gains and posted moderate losses as a stronger dollar (DXY00) sparked long liquidation in cocoa futures.  The recovery in cocoa inventories is also bearish for prices.  Since falling to a 21-year low of 1,263,493 bags on January 24, ICE-monitored cocoa inventories held in US ports have rebounded and climbed to a 6-month high Wednesday of 1,925,933 bags.  

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